Aker Solutions, a leading Norwegian energy service provider, has established Seetee, which will primarily invest in Bitcoin-related projects. In a letter to its shareholders, the company announced that it will be keeping all its liquid assets in Bitcoin.
According to Aker’s CEO, Kjell Inge Røkke, Bitcoin is a revolution that can’t be ignored.
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The industrial powerhouse has a rich history that spans over 180 years in Norway and beyond. Since the CEO gained majority shareholding in the company in 1996, the energy conglomerate has been getting into strategic industrial partnerships that have seen its share price skyrocket over the years.
Seetee’s 3-Fold Bitcoin strategy
In the detailed letter, Aker outlined a three-fold plan on how they will approach the new Bitcoin venture through Seetee. First, they will use the world’s largest cryptocurrency as their treasury asset and participate in Bitcoin Speak, a community for BTC hodlers. Second, they engage in mining by establishing operations that transfer stranded electricity to power the BTC mining activities.
Third, the company would build and invest in Bitcoin-related projects and companies. The home game for this part of the strategy is industrial applications.
Kjell said,
Aker’s decision to enter Bitcoin through Seetee is the result of a long and fundamental discussion about value.
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Increasing Bitcoin endorsement by institutions
Aker joins the growing number of companies including Tesla and Microstrategy who are opting to hold their reserve assets in Bitcoin. As the bull market continues to rally, many companies and wealth holders are adopting cryptocurrencies and embracing the potential that they hold in shaping the new global monetary system.
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